$250,000 Turkish passport will be a thing of the past
New regulations: invest 400,000 US dollars in three years to obtain a Turkish passport
The Turkish Interior Ministry announced the decision to increase the amount required for Turkish citizenship at a cabinet meeting on Tuesday, April 12. A change to the requirements for Turkish citizenship by investment requires foreigners to pay at least $400,000 for a piece of real estate instead of $250,000 to hold the property, local media reported on Wednesday, April 13. Obtain a Turkish passport on the condition of three years of real estate.
What is Citizenship by Investment Program
Citizenship by Investment (CBI) originated in the CaribbeanCommonwealth countries, Began to develop intoSaint Kitts and NevisIntroduced in 1984 to allow foreigners to obtain citizenship by investment, this fast-track citizenship program was introduced in 1993 byCommonwealth of DominicaIt has developed into the most complete and mature immigration method in the world. Individuals and families from Asia, the Middle East, and middle and high-end Russia can complete naturalization in only three months, and do not need to land in Dominica in person. use stbase passportwithHaving the Dominica passportIt can be visa-free to the European Union, Switzerland, Russia, Singapore and Hong Kong, and allows dual citizenship. Applicants can keep their original nationality and enjoy all the rights of citizens of the second nationality.
Why have a second country passport
Advantages of Turkish Citizenship Program
The Turkish Citizenship Program allows foreigners to acquire Turkish citizenship by investing in real estate, establishing a business, or depositing in a bank, entering the European and Asian markets, and obtaining lifelong citizenship in this unique location. The initial investment in real estate is 1 million U.S. dollars, which fell to properties above $250,000 in 2018, took about six to nine months from application submission to approval. According to a statistical report published by the Turkish Statistical Institute on Friday, April 15, 2022, Iranians remain at the top of the list of foreign residential buyers in Turkey for March 2022. Turkey made its best-ever progress in property sales, with Iranian citizens topping the list with 784 home purchases in March, followed by Iraqi citizens with 741 and Russian citizens with 547. Iranians bought 2,256 dwellings in the first quarter of this year. The Turkish Citizenship Program has the following advantages:
- Documents are simple, just passport, marriage certificate, birth certificate
- Turkey allows dual citizenship
- No internship, language, education or management experience required
- Citizenship for life, which can be passed on to future generations
- Investors can apply for naturalization with their spouse and children under the age of 18
- Once you become a Turkish citizen, you will have the right to live and work in Turkey indefinitely
- High level of healthcare and free internet
- Visa-free or visa-on-arrival access to more than 110 countries and regions around the world
- Turkish citizens can apply for US E-2 visa
- NATO member
- G20 powers, capitalsAnkarawithistanbulThere are more than 200 foreign embassies and consulates in Turkey
Property sales in Turkey up 45.1% in first three months compared to last year
Foreigners bought the lion's share of 2,245 apartments in Istanbul, Turkey's largest city. The Mediterranean resort city of Antalya followed with 1,434 properties, and the capital Ankara came in third with 347 properties. In the first quarter of this year, a total of 320,063 residential properties were sold in Turkey, an increase of 21.7% compared to the same period in 2021. In the first three months, external sales increased by 45.1% year-on-year, reaching 14,344 sets.
The possible impact of the increase in Turkish real estate naturalization to $400,000
Fewer applicants, faster naturalization
250,000 US dollars and 400,000 US dollars are two different levels. The former price is between buying a house in the Caribbean and the EU golden visa. For investors with a budget of 2 million, the Turkish project can be one of the considerations, but it is rising. After the price is paid, the Turkish project becomes a project that requires more serious investment evaluation. The real estate plus other expenses may be 450,000 to 500,000 US dollars. Investors not only need to be more powerful, but also may have to accept the fluctuation of the lira within three years. Turkey's foundation Development of facilities and changes in the housing market. But there may be an advantage to having fewer applicants – not having to wait as long as before.
money laundering
Turkish real estate naturalization will attract a large number of people from the Middle East in a short period of time, not only the low threshold of 250,000 US dollars, but also the banking, foreign exchange, payment, etc. are relatively looser than Europe and the United States, and even cash or cryptocurrency transactions can be is a transaction option. Once the threshold for Turkey has increased, these naturalized VIP services will be limited to those who can afford to pay $400,000. What about those who only have $250,000 to go to Duli?
Developer Turnover Issues
The most important thing for developers is to sell and make quick profits from investors and bank loans. Once the policy changes, coupled with the instability brought about by the epidemic, led to the rapid collapse of real estate companies with abnormal cash flow. The most well-known case is that in 2014, Turkish real estate entrepreneurs Yerdelen brothers built a large Disney-like village in the town of Mudurnu near the Black Sea. It cost $200 million and included more than 700 mini castles. It went bankrupt and left. The delivery is also indefinitely. After the price increase, it is necessary to do a full examination and choose a safe project, otherwise the loss will be greater.
Financing to buy a house
The price increase will bring more pressure on developers to advance. Although developers will increase costs on customers, their projects are still under pressure to be completed.
Investors turn to Greece, Montenegro, and other European countries
After the native left the 2-2.5 million club, only Greece (250,000 euros), Portugal (350,000 euros), Saint Lucia (debt bonds), Dominica (house purchase),St Kitts and Nevis(buying a house) and other projects, while Europe is left with onlyGreece (€250,000), orPortugal (350,000 euros)andMalta. It is difficult to say what impact it will have on the real estate market in these countries. After all, investors who want citizenship are different from those who want residency. It just so happens that the Turkish project also hasCountry of CitizenshipandlifeThese two advantages, Caribbean projects should not increase in price in the short term, but people with $400,000 to $500,000 may choose:
- Montenegro(€500,000,Country of Citizenship)
- Buying a house in Spain (€500,000)
- Ireland (400,000, 500,000 districts)
- Luxembourg (€500,000)
Two-tier identity architecture
Between $400,000 and $500,000 in addition to reference articlesUpgraded version of Dominica passport, you can use these configurations to achievePassport + Living AbroadEffect:
- Caribbean Citizenship + Property Purchase in Greece(€400,000,Nationality + European Life)
- Caribbean citizenship + Malta (350,000 euros,Nationality + European Life
- Montenegro + Portugal D7 (500,000 euros, EU candidate country)
in conclusion
At present, the implementation date for the official Turkish real estate investment to rise to US$400,000 has not been confirmed, and there is no clear roadmap, but after the Turkish government decided to release the news, it has indeed let the world see that in the foreseeable future, Turkish citizenship will no longer be the casecheap. Real estate companies, real estate sales, immigration companies, and clients all wait with bated breath for the final result. For those who have finally prepared funds this year, they may feel some setbacks. Those who want to seize the last chance should take good control of this week, or re-examine their capital allocation and choose a more suitable plan.
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Dominica citizenship by investment (CBI) program
- The Dominica citizenship program was established in 1993 and is one of the oldest naturalization programs in the world.
- Passport immigrationApplicants are not required to attend the interview
- Can handle immigrants quickly: the time is about 2-3 months
- For single applicants, this is the most cost-effective plan
- Identity can be passed on permanently to the next generation
- Click here for consultationreservation
